I got into the real estate business in 2006, just as the market was starting to crash. I knew that if I wanted to survive in real estate, I was going to have to learn about short sales and foreclosures – because they were becoming quite common at that time. Since 2006, I’ve listed and sold dozens of short sales for underwater homeowners throughout the Tampa Bay area. I took the CDPE designation course – which stands for Certified Distressed Property Expert – so I could learn the ins and outs of short sales.
Though St. Petersburg short sales are becoming less common now, in 2015, there are still a few out there. The sellers of this 1925 Craftsman came to me last year. They bought it at the height of the market in 2006, just before things crashed, and put a lot of money into the home with renovations over the years. Then one of the Sellers got forced into early retirement. We tried to sell the home first for what they owed, but didn’t get an offer high enough to cover their payoff. Finally they decided a short sale was their best bet.
After we dropped the price, we got an offer pretty quickly. Now, the short sale process is not easy – don’t let anyone tell you it is. It requires a lot of time and patience, and loads of paperwork. This one took about 6 months to complete in order to get all the bank approvals in line and title work completed. In the end, the Buyers ended up with a great deal on a fantastic historic home, and the Sellers qualified for the HAFA program and received $3,000 in relocation assistance money at closing.
If you are struggling with a property that is underwater and are interested in exploring your options – please call me today. 727-475-7235